What about vB starter?

We could always let members make there own titles if it won't be abused right?

Edit:
I changed the option so users can use custom titles. Just don't abuse it. ;)

TAZ lets people have their own titles and I've never seen any abuse. I use it on my site too, people appreciate being able to customise it.
So long as the custom title filter includes the words "admin", "moderator" etc people won't be able to use those words, and you can throw in some explitives if you like.

Mostly though I suspect most people who use custom titles use them properly.

Thanks bro!